A company that seemed poised to make Westmoreland County a hemp hub has folded, leaving local growers with nowhere to sell their crops.
Commonwealth Alternative Medicinal Options shut down its 45,000-square-foot CBD processing facility near New Stanton as the price of hemp collapsed.
“The bottom line on it is, we saw over a 75% decrease in prices for the finished products,” CAMO Chief Operating Officer Mike Moody said.
CBD isolate — the purified form of hemp extract CBD — sold for about $6,000 a kilogram in May, according to industry marketplace kush.com. In January, the price had plummeted to about $1,600 a kilogram, according to industry monitor Hemp Benchmarks.
“The supply surged ahead of demand much faster, and demand wasn’t growing as much,” Moody said. “We didn’t move fast enough. The market moved faster than us.”
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